Zeidler Group, technology-driven law firm, entered into a research partnership with Legal Innovation Lab Wales within the Hillary Rodham Clinton School of Law, Swansea University to leverage automation for legal practices.
Funded by the European Regional Development Fund (ERDF), the first area of focus will be the production of an innovative tool that will help automate the onboarding process for Key Investor Information Documents (KIIDS).
Zeidler’s K(I)ID Generator product is a cloud-based app that automatically generates PRIIPs Key Investor Documents (KIDs) and UCITS Key Investor Information Documents (KIIDs). The research collaboration will lead to a conceptually driven semi-automatic onboarding tool for KIIDs and will significantly expedite the onboarding process and eliminate human errors, Zeidler said.
Commenting on the new collaboration, Zeidler Group CEO Arne Zeidler said, “Digital innovation within legal and compliance departments has profound transformative possibilities within the financial services sector. Zeidler Group is proud to be pioneers in exploring how digital innovation can transform everyday manual tasks and complex legal challenges for the investment fund industry.”
Sharing the same sentiment, Legal Innovation Lab Wales project manager Ben Riseborough added, “At Legal Innovation Lab Wales, we believe that the possibilities are endless for legal technologies and that we are only just beginning to understand their full potential. This partnership will support the aims of the Lab, and we look forward to exploring how digital platforms can revolutionise legal practices through this innovative joint venture”.
While this is the first of several planned research and development projects and initiatives between Zeidler Group and The Legal Innovation Lab Wales, more projects are in the pipeline to explore new methods of legal delivery with the use of technology advancements and digital innovation. Each project will become increasingly complex and sophisticated as the research and development into AI advancement further develops and continues.
The Legal Innovation Lab Wales is a £5.6m initiative within the University’s Hillary Rodham Clinton School of Law that supports collaboration between law firms, technology companies and security organisations, encouraging innovation in LegalTech, access to justice and counterterrorism. Supported by researchers and an in-house software development team, Legal Innovation Lab Wales encourages collaboration between academia, law firms, technology companies and other organisations.
Zeidler Group was perfect for the partnership as it prioritises technology. It created its own proprietary legal and regulatory compliance technology platform, Zeidler Swift which has a multitude of modules including, Global Knowledge Hub, K(I)ID Generator, EMT and EPT tools and a fund governance module. The product was created for a more efficient, cost-effective and streamlined delivery of legal services for the asset management industry.
As Zeidler Group Head of Business Development Kunal Grover said, “Zeidler Group’s expansion of legal and regulatory delivery services within the asset management industry is underpinned by our commitment to consistently explore new methods of delivering cost-effective legal solutions to a high quality. Our partnership with The Legal Innovation Lab Wales highlights this commitment”.
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